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May is a month full of excitement: spring is in full bloom, the weather is consistently nice and the growing seasons have gotten underway. There is also another reason to get excited this month: graduations. High school and college seniors will be donning their caps and gowns and taking that famous walk across the stage to get their diplomas.

Whether the graduate in your life is moving on to college or into the real world, being financial responsible is as important as ever. That’s why your friends at Security State Bank have put together a little graduation present of our own: seven lucky tips to help your graduate be financially successful!

A Few Financial Tips for our Graduates

Be cautious with credit cards- they can be tempting, as can the numerous offers you will get from credit card companies targeting college students and young adults. If you use a credit card, save it for emergencies or small purchases that you know you can pay off quickly.

Student loans and other loans- “borrow only as much as you need.” While having a little extra spending money seems nice, you’ll have to pay it back plus interest.

Be smart during your grace period- you get six months from the graduation to when you have to begin paying back your student loans. Make the most of it by saving up your money and creating a budget that can handle loan payments every month.

Save for emergencies-things happen: you can get sick or injured, you can get in an accident or you could lose your job. Having a financial cushion to fall back on is crucial in these situations.

Create good credit habits- this means paying off the full balance of your credit card every month and not missing payments, two things that can kill your credit score if you don’t do them.

Don’t fly by the seat of your pants- create a budget. It will allow you to see where your money is going every month, preventing a “Where did my money go?” situation.

Invest in your future- yes, retirement is a long way away. However, Social Security benefits may not even exist by the time you hit retirement, so take advantage of the power of compound interest by saving today.

Following these steps may not make you a millionaire, but we can say with pretty high certainty that they will make your financial life less stressful. If there is any way Security State Bank can help you along your way whether you’re on campus or in the real world, we are more than happy to help! Come see us any time!